Do you have Lonnie’s books?? If not, you need to get them so you don’t wade into quicksand like this again.
What made you think you could make a profit on this in the first place? (The seller shows no signs of being movivated) Do you own a park? If not, do you have a good relationship with a park manager that will let you move this in? Have you surveyed your market so you have a good idea of what homes like this are selling for?
From your description (24 x 70), I gather this is a double wide. Old DW’s are notoriously expensive and time consuming to move. You should have had this information before you made the offer on the place. If it’s not a double, your moving costs are way out of line and you need to do more research.
Sorry but in my opinion, you need to start over. Bail out on this deal as gracefully as you can, get Lonnie’s books (or re-read them if you have them), put some effort into learning your market and stop “making offers”. Follow Lonnie’s guide. Build a relationship with 1 or more park managers. Deal only with motivated sellers. Let them name the price. Sell “as is, where is” (at least until you get some experience). Sell with owner financing. Rinse and repeat…
All the best, Lyal
I?m just about to call this deal off. Tomorrow as a matter of fact if some good news doesn?t start to come my way on this one. But id like to get some advise from you guys before I do. I normally don?t make deals on mobiles separate from the land but I thought this one would be to good to pass up.
I initially went to the sellers w/ a lease offer for the entire property (land, mobile) but they were reluctant to take it because they needed more cash than I was willing to give for OC. But they called me one month later and said that they just wanted to sell the mobile that was on the property and up grade to a DW. And they would take $5,000 cash for the single. I counter offerd 4k but they wouldnt budge. So I felt that I could still make a profit and agreed to the deal. But fortunitly havnt signed any contracts or given a deposit. Im saying fortunitly because im having a hard time finding someone to move it for any thing less than $2,400 not to mention the money for the permits and all these other little things that I didn?t think of. And to make things a little harder im having problems finding a place to put it. And ive only got about $4,000 in loans that I put towards this thing. Any other money will come diretly from my pocket. So if any one has any advise it would be greatly appreciated. (The mobile description is 24/70 2/BR 2/B).
Re: SEE IT THROUGH OR GIVE IT UP? - Posted by Jeff Ward
Posted by Jeff Ward on August 06, 2003 at 15:49:45:
Tony,
I have to agree 100% with Lyal. There is lots of potential in this business, but you have to read “Deals on Wheels” and follow it to the letter. It eliminates these types of problems. Back out gracefully from this deal, then start again. Best of luck to you in your investing.